In the matter of M/s PREMIER ENERGIES LIMITED (CIN: U40106TG1995PLC019909) As per Section 29(1A) of Companies Act read with Rule 9A of The Companies (Prospectus and Allotment of Securities) Rules, 2014, every unlisted public company shall ensure that before issuance of any securities entire holding of securities of its promoters, directors, key managerial personnel has been dematerialised in accordance with provisions of the Depositories Act 1996. Further,  every shareholder of an unlisted public company is required to dematerialise its securities before transfer, if such transfer is made ..read more

Held by Hon’ble High Court of Telangana In the case of  M/s Rays Power Infra Private Limited Vs Superintendent of Central Tax (Writ Petition No. 298 of 2024) The petitioner is engaged in the business of generation of electricity through solar plants. The GST returns filed by the petitioner for the period of July, 2017 to March, 2019 were subject to audit. The petitioner was informed about tax liability during audit proceedings on account of wrong availment of ITC and ITC availed with respect to exempted supply. Upon receipt of initial audit observation, the petitioner discharged the entir ..read more

Post COVID-19, there are many corporate entities which are allowing employees to work on Complete Work From Home (WFH) basis or on hybrid basis, i.e., Employees are required to come to office on selected days. This approach has reduced occupancy of physical premises by corporate offices and caused vacation of various rented premises. Similarly, Information Technology (IT)/ Information technology enabled services (ITES) Special Economic Zones (SEZ) are facing optimum utilization of SEZ premises as many IT/ITES companies have adopted the policy of WFH.  So far, only SEZ businesses are allow ..read more

Recently, creating a company registration in India has moved online, making it easier and more accessible. The Ministry of Corporate Affairs (MCA) led these changes, which streamlined the registration process and reduced confirmation and verification time. This article discusses the company registration in India process and how entrepreneurs can benefit from digitizing processes. The Online Revolution: MCA’s Role The MCA reformed India’s company registration process. The whole registration process is available online at the MCA. This change has not only made the procedure simpler, but it has a ..read more

Indian startups have grown and innovated, becoming a dynamic force. As of March 2022, India’s startup scene has over 65,000 active members after 1,300 tech enterprises joined. The third-largest unicorn hotspot in the world is India, indicating its strong startup culture and huge economic potential. In this guide, we’ll try to understand how to start a startup company in India. Starting a Startup in India The following are the essential steps to lead prospective business owners through this life-changing process: Idea Generation: The foundation of any prosperous startup is an original and crea ..read more

Investigations, summon, letters from GST Authority has become common in business from last sometime and there are many practical issues which comes alongwith these communication. GST investigations are at many times hampering regular business activities as well.  Further, there are many practical issues being faced by the GST Authorities as well as taxpayer such as prior approval, simultaanoues investigation by more than one GST authority, uncessary information asked etc. Considering the challenges faced by the industry during investigation proceedings, the Board has issued following guid ..read more

GST Assessments, u/s 73, are already closed for FY 2017-18 and the due date of issuance of order for FY 2018-19 is 30th April, 2024. In many of the Assessment orders, the taxpayers have faced genuine hardship such as as the Assessment orders passed are not the speaking one or assessment orders contain clerical mistakes causing unnecessary increase in demand amount. Also, there are several cases where the taxpayer has furnished the reply, however, the proper officer has confirmed the demand mentioned that no reply has been furnished or without considering such reply.  As per representation ..read more

Appeal against order of any authority can be filed by the party aggrieved by the order, i.e., the Assessee or the Department. Filing of appeal involves lots of cost and effort and also takes up the time of the judicial authority. Assessee files appeal after considering various factors such as amount of pre-deposit required, amount involved in dispute, time factor etc. However, for department appeal the CBDT specifies a monetary limit, i.e., upto specified monetary limit, no appeal shall be filed by the department. The CBDT specified following enhanced limits for filing of appeal by department ..read more

As we are stepping into the new Financial year, there are various compliance requirements which a taxpayer is required to do with the changing year. Any non-compliance on part of the taxpayer can lead to major disallowances or withdrawal of benefits from the taxpayer. This article list down check-list which a taxpayer is required to tick as they enter into new financial year: 1. Filing of Letter of Undertaking (LUT) to export without payment of IGST As per Rule 96A of Central Goods and Service Tax rules, 2017, any registered person, who intends to avail option to export goods and services wit ..read more

Held by Hon’ble High Court of Madras  In the matter of  Tvl. Vardhan Infrastructre Vs Special Secretary (W.P. Nos. 34792, 29878, 30607, 30613, 30615 of 2019) The Writ petition was filed to challenge the proceedings initiated against the taxpayer by the central authorities where the taxpayer is assigned to the State authorities and vice versa. The Petitioner contended that power of cross-empowerment was given under Model GST Law. However, GST Law enacted is different from the Model GST Law. Post enactment of GST law, i.e., 01.07.2017, the Circular No. 1/2017-GST (Council) clarified on ..read more